Employee benefits can be complicated. You might be tempted to come into this open enrollment season ready to sign up for the same package as last year just to make it quick and painless. However, doing that may mean missing out on significant savings. Here, we’ll explain some of the most popular employee benefits and...
The COVID-19 pandemic has changed our lives in many ways, including how we think about our healthcare benefits. WEX’s annual healthcare survey in June found that HSA contributions have increased, consumers appreciate their benefits more, and many have changed their opinion on online healthcare and telemedicine.
This year’s Amazon Prime Day is next week, on October 13th and 14th. On these two days only, Amazon Prime members save on exclusive deals, including some HSA and FSA eligible expenses! Click here to shop using Health Shopper, which offers eligible products that are fulfilled through Amazon. To learn more about the benefits of...
Our friends at the FSA Store are partnering with the American Cancer Society for Breast Cancer Awareness Month! Make a purchase of $50 or more this month and use the code PINK20 for 5% of your order to be donated! Click here to shop.
Are your employees worried about retirement? They’re not alone. This new blog post from Wex offers tips to help you help your team get their financial future in order.
Employee benefits doesn’t just mean HSAs and FSAs. We can help you set up medical FSAs, DCAPs, limited FSAs, commuter benefits, post deductible FSAs, and more! Contact your Advantage Administrators representative for more information or visit https://advantageadmin.com/ .
October is Breast Cancer Awareness Month! Advantage Administrators staff will be wearing pink next Thursday for the occasion.
Anyone with an HSA or FSA through Advantage Administrators has access to our mobile app, which makes it easy to check your balance, submit receipts, and manage your investments. Recently, we made updates to our app to make it even easier to manage and monitor your plan. Here are some of the new features you...
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The Section 125 Premium Only Plan (POP) saves employers and their employees money by reducing payroll taxes. It works by making one simple adjustment in their payroll process – employees pay their portion of the insurance premiums on a pre-tax basis rather than on an after tax-basis.
The Premium Only Plan (POP) reduces employers taxable payroll by reducing employees taxable income. So, both employers and employees pay less in taxes.
IRS-sanctioned Premium Only Plans (POP) were created by the Revenue Act of 1978 and are governed by IRS Code Section 125. With a Premium Only Plan (POP):
Any employer can sponsor a Premium Only Plan (POP)
Regular corporations, partnerships, S corporations, LLC’s, sole proprietors, professional corporations, and not-for-profits can all save money on payroll taxes by establishing a Premium Only Plan (POP).
Who can participate?
While regulations prohibit a sole proprietor, partner, or members of an LLC, individuals owning more than 2% of an S corporation, or their spouse and dependents, from participating in the POP, they may still sponsor a plan and benefit from the savings on payroll taxes.
Begin saving taxes immediately.
You can start your Premium Only Plan (POP) at any time. Plus, you can have a short plan year for the first year, so that future plan years coincide with either your fiscal year or the calendar year.
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